Buy The Crypto Market Dip? w/Gareth Soloway
After a brief bull run over the past month, the cryptocurrency market pivoted this week back into bearish territory. Most major cryptocurrencies saw significant price drops, with Bitcoin falling below $16,500 and Ethereum dipping under $1,200. This pullback comes as crypto sentiment indicators are flashing warnings.
Several factors drove the turnaround. Rising inflation led the Fed to signal further interest rate hikes, sparking concerns of an economic slowdown. Meanwhile, the implosion of FTX continued to cause turmoil. Its bankruptcy filing revealed missing assets, sparking contagion fears.
For short-term traders, the downturn presents an opportunity to buy the dip and enter at cheaper prices. Bitcoin and Ethereum remain over 70% below their all-time highs. But any bounce will likely be tempered until macroeconomic uncertainty and fallout from FTX subsides.
Longer-term investors may see the bearish conditions as a chance to steadily accumulate positions in high-quality projects. But caution remains prudent in these volatile markets. While drawdowns allow cheaper entries, timing crypto market bottoms is challenging. Patience and risk management remain key as the crypto winter persists. Any recovery will require improved sentiment and macro conditions.
Guest: Gareth Soloway Chief Market Strategist of InTheMoneyStocks.com
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